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UNION NAT. BANK v. BANCFIRST (SEMINOLE)

No. 75888.

871 P.2d 422 (1993)

UNION NATIONAL BANK OF CHANDLER, Appellee, v. BANCFIRST (SEMINOLE), Formerly First National Bank of Seminole, Appellant.

Supreme Court of Oklahoma.

Rehearing Denied April 19, 1994.

Attorney(s) appearing for the Case

Dan A. Erwin, Erwin, Butts & Lenora, P.C., Chandler, for appellee.

Johnston, McMains & Walker by Larry Jay McMains, Seminole, for appellant.

HODGES, Chief Justice.

Webb Metals was incorporated with Robert and Denise Webb as the officers, directors and shareholders. On March 5, 1985, Webb Metals executed a security agreement in its accounts receivable in favor of First National Bank of Seminole. First perfected its interest in Webb Metals' accounts receivable on August 9, 1985.

Webb Metals began experiencing financial problems and defaulted on bonds held...

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